Tinde Sparebank (TINDE) Q1 2025 earnings summary

Executive summary

• Net profit after tax for Q1 2025 was 17.3 MNOK, up from 17.2 MNOK in Q1 2024, with total comprehensive income at 15.2 MNOK due to negative value changes in equity instruments.

• Result before losses and tax was 26.5 MNOK (1.34% of avg. assets), slightly up from 25.7 MNOK (1.44%) last year.

• Strong growth in lending and deposits, with forretningskapital up 18.8% year-over-year and customer deposits up 15.7%.

• Announced merger with Sunndal Sparebank, aiming for completion by end of H1 2025.

Financial highlights

• Net interest and credit commission income rose to 48.5 MNOK, up 4.1 MNOK year-over-year.

• Net other operating income was 12.4 MNOK, 3.8 MNOK higher than last year, driven by higher commission and positive securities gains.

• Operating expenses increased by 7.2 MNOK to 34.3 MNOK, mainly due to higher personnel and IT costs, including extraordinary costs related to the upcoming merger.

• Net loan losses were 3.2 MNOK, up from 2.8 MNOK in Q1 2024.

• Earnings per equity certificate (EKB) was 7.83 NOK, down from 8.53 NOK last year.

Outlook and guidance

• The board considers the Q1 2025 results satisfactory and expects continued growth and strong market position post-merger.

• The merged bank is expected to have increased competitiveness and capacity for regional development.